- Shiba Inu (SHIB) experiences a decline after the Shibarium launch hiccups, possibly heading towards the $0.00000800 support level.
- Issues with the Shibarium launch have led to asset lockdowns, causing concern among the SHIB community.
Shiba Inu’s Market Stance: The Technical Details
Shiba Inu’s performance in the crypto realm has been a focal point for many, especially after the anticipated Shibarium launch didn’t meet expectations. This misstep has led to a 6.9% dip for the dog-inspired cryptocurrency in the last 24 hours, with a 5.3% decrease in the past week.
Analyzing the coin’s position, SHIB currently faces resistance at the $0.00001067 mark. However, what’s intriguing is its support threshold, hovering around $0.00000848. Leveraging the Fibonacci Retracement, a tool employed by traders to identify potential price reversals, indicates SHIB may further slide to roughly $0.00000800. This price level benefits from significant trading volume, hinting at a potential consolidation phase for the cryptocurrency in the near term.
However, the coin’s MACD (Moving Average Convergence/Divergence) – a key indicator that reveals changes in the strength, direction, momentum, and duration of a trend in a stock’s price – has shown a bearish inclination, underscoring the trend’s reversal.
In another important note, a glance at SHIB’s 4-hour chart portrays its struggle to embark on a bullish course, slipping beneath the declining trend. The RSI (Relative Strength Index), which gauges the momentum of price movements on a scale from 0 to 100, stands at 64.05. This position indicates a neutral stance, with neither the buyers nor sellers having the upper hand.
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Shibarium’s Shadow Over SHIB
The broader perspective showcases SHIB’s prevailing bearish trajectory, interspersed with occasional upticks. A speculative view hints at SHIB possibly regaining momentum after touching the $0.00000800 marker, aiming for the $0.00001000 range once more. But as with all cryptos, market movements are dynamic, demanding constant observation to deduce SHIB’s future path.
Enthusiasts had pinned hopes on the Shibarium launch catalyzing a new rally. Yet, the event unveiled fresh challenges. There’s a prevalent issue with assets bridged to Shibarium, rendering them immobile and unrecoverable. This predicament has witnessed whales – individuals or entities holding large amounts of crypto – offloading SHIB and BONE tokens. A turnaround for SHIB might be on the horizon if the team addresses these glitches, but clarity remains elusive for now.
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